Question: If $\cos \theta = \frac{1}{4},$ then find $\cos 3 \theta.$
From the triple angle formula,
\[\cos 3 \theta = 4 \cos^3 \theta - 3 \cos \theta = 4 \left( \frac{1}{4} \right)^3 - 3 \cdot \frac{1}{4} = \boxed{-\frac{11}{16}}.\]